PNC Reports $1.4B in 3Q Income
PITTSBURGH – PNC Financial Services Group Inc. reports a third-quarter net income of $1.4 billion and revenue of $4.5 billion, each a 1% increase from the same period in 2018. Diluted earnings per share for the company were $2.94, up from $2.82 a year ago.
“PNC delivered excellent results in the third quarter. Our loan growth was strong in both commercial and consumer average loans and we saw good deposit inflows and customer growth including from our national strategies,” President and CEO Bill Demchack in a prepared statement.
“Net interest income and fee income increased and we managed expenses well even as we continued to make investments,” he continued. “We are pleased with our performance and expect that continued execution of our strategies will drive differentiated growth across our franchise and generate long-term value for our shareholders.”
Key performance indicators for the quarters ended Sept. 30, June 30 and Sept. 30, 2018, include:
- Return on average assets: 1.36%, 1.39%, 1.47%.
- Return on average equity: 11.56%, 11.75%, 12.32%.
- Net interest margin: 2.84%, 2.91%, 2.99%.
- Efficiency: 58%, 59%, 60%.
Net interest income was $2.505 billion in the third quarter, up from the previous quarter’s $2.498 billion and the year-ago quarter’s $2.466 billion.
Noninterest income was $1.989 billion, ahead of the second-quarter level of $1.941 billion and the $1.891 billion reported in the third quarter of 2018.
Deposits at PNC totaled $285.6 billion, up from the previous quarter’s $273.6 billion and the year-ago quarter’s $264.9 billion.
Loans at the Pittsburgh-based bank totaled $237.7 billion, ahead of the second quarter’s $234.9 billion and $223.3 billion in the third quarter of 2018.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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